Why Aren't More People Talking About MPLX Stock in 2025?

Key Points

• MPLX has added several new growth projects to its backlog.

• The MLP has also closed several acquisitions.

• These investments have extended its growth visibility through the end of the decade.

• 10 stocks we like better than MPLX ›

MPLX (NYSE: MPLX) is quietly having an excellent year. The master limited partnership (MLP) has secured many new organic expansion projects. It has also closed on several accretive acquisitions. These new investments have significantly enhanced and extended the company's growth profile through the end of the decade.

Here's a look at why the MLP deserves more attention from investors.

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Building a bigger backlog

MPLX entered this year with several growth capital projects in its backlog. It was building the Secretariat and Harmon Creek III gas processing plants, which it expected to finish in the fourth quarter of this year and the second half of 2026, respectively. Additionally, the company's WPC joint venture (JV) was building the Blackcomb and Rio Bravo natural gas pipelines, which were on track to enter commercial service by the second half of next year. Those projects provided the company with growth visibility through 2026.

The MLP has significantly enhanced its growth visibility since the start of this year. During the first quarter, MPLX approved three new expansion projects:

• Gulf Coast fractionation complex: MPLX is building two new NGL fractionators adjacent to Marathon Petroleum's Galveston Bay refinery, which should enter commercial service in 2028 and 2029.
• Oneok JV: The company formed a JV with Oneok to build an LPG export terminal and associated pipeline that should be in service by 2028.
• BANGL NGL Pipeline expansion: MPLX and its JV partners approved an expansion of the BANGL pipeline that should enter commercial service in the second half of next year.

MPLX has continued to approve additional growth capital projects this year. Its WPC JV approved the construction of the Traverse Pipeline, which should enter commercial service in 2028. Meanwhile, its Matterhorn JV approved building the Eiger Express Pipeline, which should begin shipping gas in mid-2028.

As a result, MPLX now has growth projects on track to enter commercial service through the end of the decade. This provides significant support for the company's goal of delivering mid-single-digit annual earnings growth, which will support continued distribution increases.

Adding accretive acquisitions

Securing several new growth capital projects would be a noteworthy achievement for the MLP. However, MPLX hasn't stopped there. It has also closed four acquisitions this year:

• Whiptail Midstream: MPLX bought Whiptail Midstream for $237 million, adding its extensive oil, gas, and gathering systems in the San Juan Basin to the MLP's portfolio.
• BANGL: MPLX bought out the remaining 55% interest in the BANGL NGL pipeline from its partners in July for $715 million.
• Matterhorn: The MLP purchased an additional 5% interest in the Matterhorn Express Pipeline for $151 million, increasing its stake to 10%.
• Northwind Midstream: The company acquired Northwind Midstream for $2.4 billion to enhance its position in the Permian Basin.

These deals will strategically strengthen its geographic footprint, increase system capacity, and support long-term cash-flow growth. They will immediately supply MPLX with incremental cash flow, directly boosting its growth rate in 2025. Further, three of the purchases have embedded growth. The BANGL pipeline is undergoing a capacity expansion, Matterhorn recently approved the Eiger Express pipeline, and Northwind is expanding its treating capacity, which it expects to complete in the second half of 2026.

MPLX was able to secure all this incremental growth because it has a strong balance sheet. The company ended the second quarter with a 3.1 times leverage ratio, well below the range around 4 its stable cash flows could support. That enabled the company to take on debt to make all these acquisitions. MPLX is also recycling some capital by selling its gathering and processing assets in the Rockies for $1 billion. This sale will enable it to maintain its strong financial flexibility, allowing it to continue securing additional growth opportunities as they arise.

Lots of growth and income ahead

MPLX has substantially extended its growth outlook, offering investors clear visibility through the end of the decade. This positions the company to continue increasing its distribution, which currently yields an attractive 7.5%. The combination of growth and income could deliver strong total returns for investors, making the MLP an attractive option for those comfortable with receiving a Schedule K-1 Federal Tax Form each year.

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Matt DiLallo has no position in any of the stocks mentioned. The Motley Fool recommends Oneok. The Motley Fool has a disclosure policy.